Ottawa Real Estate Investors Organization

Hello all,

I currently have under contract a Penthouse condo located at 158 McArthur ave, Ottawa, ON, K1L 7E7. I got it for $240,000 through a FSBO. The market value for this property is over $290,000. Listing agents said it could sell for over $300,000 with the right reno. I prefer to be conservative at $290,000 minimum, with no major reno required. However, $3000 for fresh paint, and fixtures wouldn't hurt.

I'm looking to assign this contract, either for a flip, or for someone looking to buy for themselves for downtown living at a bargain. One block away, at 369 North River road, Ottawa, ON, the Penthouses are selling for over $360,000 - it's a newer building though, but a direct comparable.

The reason why I'm assigning this investment property, is simply because I'm about to use my cash for a Lease to Own property that I also have under contract that I'd like to invest in. I can't buy two good properties at the same time. The market would easily bear a rental income of $2000 per month with young professionals that work downtown or in the market - however I think it's probably a more attractive flip due to the hot market. The contract is setup to close before the HST tax quicks in too. (Double bonus!)

If you're interested in this property, I will gladly give you more details. Serious investors only please...

Kind regards,
Nick

Nicholas Legault
Lease to Own Experts
www.LTOexperts.com
Nick@LTOexperts.com
613-853-4833